GURUFOCUS.COM » STOCK LIST » USA » NYSE » General Mills Inc (NYSE:GIS) » Definitions » E10
Switch to:

General Mills (NYSE:GIS) E10

: $3.94 (As of Nov. 2023)
View and export this data going back to 1952. Start your Free Trial

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

General Mills's adjusted earnings per share data for the three months ended in Nov. 2023 was $1.020. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $3.94 for the trailing ten years ended in Nov. 2023.

During the past 12 months, General Mills's average E10 Growth Rate was 4.80% per year. During the past 3 years, the average E10 Growth Rate was 8.70% per year. During the past 5 years, the average E10 Growth Rate was 7.00% per year. During the past 10 years, the average E10 Growth Rate was 5.90% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of General Mills was 9.90% per year. The lowest was 2.60% per year. And the median was 6.40% per year.

As of today (2024-03-04), General Mills's current stock price is $63.94. General Mills's E10 for the quarter that ended in Nov. 2023 was $3.94. General Mills's Shiller PE Ratio of today is 16.23.

During the past 13 years, the highest Shiller PE Ratio of General Mills was 29.46. The lowest was 13.21. And the median was 20.79.


General Mills E10 Historical Data

The historical data trend for General Mills's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

General Mills Annual Data
Trend May14 May15 May16 May17 May18 May19 May20 May21 May22 May23
E10
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.93 3.03 3.23 3.67 3.89

General Mills Quarterly Data
Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.76 3.81 3.89 3.95 3.94

Competitive Comparison

For the Packaged Foods subindustry, General Mills's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


General Mills Shiller PE Ratio Distribution

For the Consumer Packaged Goods industry and Consumer Defensive sector, General Mills's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where General Mills's Shiller PE Ratio falls into.



General Mills E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, General Mills's adjusted earnings per share data for the three months ended in Nov. 2023 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Nov. 2023 (Change)*Current CPI (Nov. 2023)
=1.02/129.5481*129.5481
=1.020

Current CPI (Nov. 2023) = 129.5481.

General Mills Quarterly Data

per share eps CPI Adj_EPS
201402 0.640 99.057 0.837
201405 0.650 100.373 0.839
201408 0.550 100.352 0.710
201411 0.560 99.635 0.728
201502 0.560 99.032 0.733
201505 0.300 100.333 0.387
201508 0.690 100.548 0.889
201511 0.870 100.135 1.126
201602 0.590 100.040 0.764
201605 0.620 101.355 0.792
201608 0.670 101.617 0.854
201611 0.800 101.829 1.018
201702 0.610 102.779 0.769
201705 0.690 103.256 0.866
201708 0.690 103.587 0.863
201711 0.740 104.072 0.921
201802 1.620 105.052 1.998
201805 0.590 106.148 0.720
201808 0.650 106.383 0.792
201811 0.570 106.338 0.694
201902 0.740 106.649 0.899
201905 0.940 108.048 1.127
201908 0.850 108.245 1.017
201911 0.950 108.519 1.134
202002 0.740 109.139 0.878
202005 1.020 108.175 1.222
202008 1.030 109.662 1.217
202011 1.110 109.793 1.310
202102 0.960 110.968 1.121
202105 0.675 113.576 0.770
202108 1.020 115.421 1.145
202111 0.970 117.269 1.072
202202 1.080 119.703 1.169
202205 1.350 123.323 1.418
202208 1.350 124.958 1.400
202211 1.010 125.607 1.042
202302 0.920 126.928 0.939
202305 1.030 128.314 1.040
202308 1.140 129.538 1.140
202311 1.020 129.548 1.020

Add all the adjusted EPS together and divide 10 will get our e10.


General Mills  (NYSE:GIS) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

General Mills's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=63.94/3.94
=16.23

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Shiller P/E Ratio of General Mills was 29.46. The lowest was 13.21. And the median was 20.79.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


General Mills E10 Related Terms

Thank you for viewing the detailed overview of General Mills's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


General Mills (NYSE:GIS) Business Description

Address
Number One General Mills Boulevard, Minneapolis, MN, USA, 55426
General Mills is a global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, Blue Buffalo, and Haagen-Dazs. In fiscal 2023, 81% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. While most of General Mills' products are sold through retail stores to consumers, the company also sells products to the foodservice channel and the commercial baking industry.
Executives
Werner Lanette Shaffer officer: Chief Innovation Officer ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426
David Cordani director THE CIGNA GROUP, 900 COTTAGE GROVE ROAD, BLOOMFIELD CT 06002
Mark A Pallot officer: Chief Accounting Officer NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jodi J Benson officer: Chief Innovation Officer GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jacqueline Williams-roll officer: Senior Vice President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Bethany C. Quam officer: Group President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426
Jonathon Nudi officer: Senior Vice President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Sean N Walker officer: Group President NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Shawn P Ogrady officer: SVP, Pres, Consumer Food Sales ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Jeffrey L Harmening officer: Executive Vice President ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Dana M Mcnabb officer: Group President NUMBER ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
C Kim Goodwin director C/O AKAMAI TECHNOLOGIES, INC., 8 CAMBRIDGE CENTER, CAMBRIDGE MA 02142
Karen Wilson Thissen officer: General Counsel & Secretary 1098 AMERIPRISE FINANCIAL CENTER, MINNEAPOLIS MN 55474
John R Church officer: SVP, Supply Chain ONE GENERAL MILLS BLVD, MINNEAPOLIS MN 55426
Richard C Allendorf officer: Senior Vice President GENERAL MILLS, INC., ONE GENERAL MILLS BLVD., MINNEAPOLIS MN 55426